President Trump said Wednesday that a deal with China is done and awaits final approval.

“OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA,” Trump said on Truth Social.

“LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!” he added.

“Adding to the China readout, President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!” Trump added.

Per CNBC:

Representatives from both sides had on Tuesday revealed that a deal had been reached on trade after a second day of high-level talks in London.

ADVERTISEMENT

“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” U.S. Commerce Secretary Howard Lutnick told reporters.

That echoed comments to reporters from Li Chenggang, China’s international trade representative and a vice minister at China’s Commerce Ministry.

Rare earth elements and magnets widely used by the automotive and defense sectors emerged as a key sticking point between the world’s two largest economies.

China’s Ministry of Commerce in early April imposed export restrictions on strategically important minerals in response to Trump’s tariff increase on Beijing’s exported products.

Both sides had accused each other of reneging on a preliminary trade deal struck in Switzerland last month. Investors, however, had remained hopeful of a breakthrough following last week’s call between Trump and China’s Xi.

'Our deal with China is done… Relationship is excellent!' – President Donald J. Trump pic.twitter.com/6NbYDtxuAk

— The White House (@WhiteHouse) June 11, 2025

From the New York Post:

The US griped that China had been making “slow moves” to allow exports of rare earths. This prompted the Trump administration to ratchet up restrictions on key chemicals, tighten rules on exports of critical semiconductor design software, and revoke visas for Chinese students.

Lutnick claimed that the recent framework brokered in London put “meat on the bones” on the Geneva consensus that brought down triple-digit tariffs the two countries had imposed on one another as Trump worked to recalibrate US trade policy.

The commerce secretary said the new arrangement would see China ease barriers on rare earth minerals “in a balanced way,” without elaborating on specifics.

ADVERTISEMENT

China’s Vice Commerce Minister Li Chenggang had similarly confirmed that an agreement in London had been reached, subject to Trump’s and Xi’s approval.

The two sides had spent close to two days in London deliberating over the stalled implementation of the Geneva consensus, wrapping up the marathon talks late Tuesday.

Trump claimed that he had a “very good” call with Xi last week after trade talks had stalled between the two economic giants, soon after he groused that Xi is “very tough, and extremely hard to make a deal with.”

While the “deal” reached in London seemingly bodes well for restoring and maintaining a trade truce, it does not appear to tackle the deep underlying differences between the two sides on trade.